The 5 Fastest Growing Industries in the U.S. | The United States has a GDP of over $19 trillion. Despite the effect of the recent COVID-19 pandemic, growth is in full swing, with many jobs being created and wages on the rise. Technological advancements such as machine learning and artificial intelligence have helped drive growth experienced in various sectors. Many industries have in turn propelled the U.S. economy. Here are the five fastest-growing industries driving the U.S. economy.
1. Food Retail Industry
The U.S food retail industry comprises food sold at foodservice outlets, convenience stores, drug stores, mass merchandisers, and grocery stores. Grocery delivery has become more prevalent due to the COVID-19 crisis. This is a result of some grocers adapting to changing customer behaviors.
You may have probably heard about Instacart Inc. This is a widely acclaimed grocery delivery company. Instacart provides grocery delivery services throughout the U.S and Canada with several large grocery stores in North America as a whole. Their growing business makes Instacart jobs in demand.
Customers no longer have to visit brick-and-mortar grocery stores to buy groceries. Instacart offers its grocery delivery services via a website and mobile app. With the intuitive Instacart app, you can also order groceries from their retail partners. Essentially, Instacart hires a personal shopper that will shop and deliver your groceries to your doorstep. You can pay with a debit or credit card.
In October 2016, the company announced plans to recruit some shoppers as part-time employees. The new policy started in the Chicago area before extending to other states. In February, Illinois workers voted in favor of a California ballot measure to unionize. The company hired more Instacart shoppers amidst the COVID-19 pandemic to keep up with consumer demands.
2. Cryptocurrency Industry
Cryptocurrency is primarily a digital currency that exists on a decentralized platform based on blockchain technology.
Today, many online retail stores accept major cryptocurrencies as a method of payment. As you know, Bitcoin (BTC), Ethereum (ETH), and Ripple remain the most popular and most valuable crypto assets today. There are a plethora of alternate cryptocurrencies with various specifications and functions, such as Cardano, altcoin, dogecoin, Litecoin, and Bitcoin Cash. Keep in mind that Bitcoin accounts for approximately 46.5 percent of the total value of available coins in existence.
Trading cryptocurrencies is an enriching venture. No wonder new investors are making significant investments in crypto assets. Experts advise new crypto investors to conduct extensive market research before making financial investment decisions. Institutional cryptocurrency investors generally trade more than most individual investors.
Individuals who want to exchange cryptocurrencies require a wallet service for asset storage. Also, you need to pick a cryptocurrency exchange to facilitate your crypto purchases. Popular exchanges usually guarantee a seamless user experience.
The dilemma for users looking for the best crypto exchange is usually between Kraken vs Coinbase. Coinbase wallet is unarguably the better option for users who simply want to buy and sell. While they both have robust security features, Kraken has exposed major security breaches in the past. Kraken’s fees are much lower than Coinbase. Besides, Coinbase Pro offers much lower fees than Coinbase, which makes the latter’s fee structure competitive.
3. Healthcare Industry
According to Statistica, healthcare spending in the United States accounts for 17.7 percent of the country’s gross domestic product (GDP). Additionally, the industry has recorded an exponential increase in healthcare and biotech stocks. The sector is, unarguable, the largest employer in the overall U.S economy. There’s no gainsaying that the health sector helped the United States recover from the COVID-19 crisis.
4. Technology Sector
The tech industry is a critical component of the U.S. economy. The United States is home to Tech Giants, commonly known as the Big Five, namely Apple, Google, Facebook, Amazon, and Microsoft. Studies show that the industry ranks among the top five economic contributors in over 20 states. Technology plays a critical role in other sectors, including advanced manufacturing, energy, healthcare, education and transportation.